munich re News

Europe 9 Month Nat Cat Losses $23 Billion+; Trending Upwards: Munich Re

A report from Munich Re estimates that losses due to natural catastrophes totaled €17 billion [$23.24 billion] in Europe in the first nine months of 2013, “dominated by flood losses, which accounted for a share of 75 percent.” The world’s …

Munich Re Names Kaufmann Chief Risk Officer

Munich Re announced the appointment of Bernhard Kaufmann (44) to the post of Group Chief Risk Officer, effective as of January 1, 2014. He succeeds Joachim Oechslin, who will be joining the Executive Board of the Credit Suisse Group from …

Alternative Capital Dominates Discussions at Reinsurance Rendez-vous

The 57th Reinsurance Rendez-vous is winding down, and, while it’s been another successful networking opportunity for the re/insurance industry’s movers and shakers, most of the discussions have ended on a note of uncertainty. The elephant in the room this year …

Munich Re Sees Stable Reinsurance Rates in January Renewals

Munich Re, the world’s biggest reinsurer, said it expects stable rates for its property and casualty reinsurance at January price negotiations. “Prices will remain largely stable, chiefly due to the still comparatively low interest rates,” for proportional business in which …

Capital Oversupply Could Pressure Reinsurers to Lower Rates

Munich Re and Swiss Re Ltd. are among reinsurers likely to face further pressure to lower the rates they charge clients as the capital available for backing policies remains near a record high, brokers said. “With the influx of new …

Munich Re Supports Quake Prevention Project in India

Munich Re announced that it is supporting a prevention project in a region in India that is prone to earthquakes. The two-year project in conjunction with GeoHazards International, is aimed at protecting people, buildings and infrastructure in Aizawl, a city …

Court Says Trial Must Decide Travelers, Reinsurers Asbestos Case

New York state’s highest court on Thursday said a trial must determine whether Travelers Cos. deliberately structured a nearly $1 billion asbestos settlement to force its reinsurers to pay more than their fair share. The ruling, the latest development in …

Too Early to Know Cost of 787 Dreamliner Claims, Says Boeing’s Insurer

Boeing Co. has some insurance in case its aircraft are grounded, but it is far too soon to say whether the problems with the 787 Dreamliner will lead to significant claims, the head of the planemaker’s lead insurer said on …

Munich Re in Performance Guarantee Deal with China’s Yingli Green Energy

Munich Re said it is “reinsuring performance guarantees that Chinese photovoltaic manufacturer Yingli Green Energy gives to its customers for multi-crystalline modules. The insurance solution covers the long-term technology performance risk of Yingli’s photovoltaic modules under an agreement with Yingli …

Munich Re First to Offer Offshore Wind Energy Serial Loss Coverage

Munich Re announced that it has “become the first insurance group to offer serial loss cover for offshore wind energy units. Corresponding cover for a North Sea wind farm has been signed by Marcus A. Wassenberg, Chief Financial Officer of …